This article discusses a multiple hierarchy decision analysis in which the Analytic Hierarchy Process and Delphi method were combined with practice of funds management so as to obtain a scientific management system. T...This article discusses a multiple hierarchy decision analysis in which the Analytic Hierarchy Process and Delphi method were combined with practice of funds management so as to obtain a scientific management system. The design procedures and a practical example have been given to verify the feasibility. The work was supported by China National Natural Science Foundation (NNSF), and the introduced procedures have been used in some departments of the NNSF.展开更多
Enterprise groups are characterized by multiple levels of enterprises with large scales of assets and complex business models.In the process of administration and management of funds,there are often some problems,such...Enterprise groups are characterized by multiple levels of enterprises with large scales of assets and complex business models.In the process of administration and management of funds,there are often some problems,such as unreasonable internal funds allocation,high financing costs,and flawed funds control.Centralized fund management is a tool for the overall allocation of intra-group fiinds and the coordinated management of group investment and financing.It can optimize the resource allocation of enterprise groups and reduce financing costs as well as capital risks.By selecting centralized fund management,establishing control and early warning system,as well as building information system and other steps,enterprise groups can better implement centralized fund management and improve their capital control.展开更多
The financial aspects of large-scale engineering construction projects profoundly influence their success.Strengthening cost control and establishing a scientific financial evaluation system can enhance the project’s...The financial aspects of large-scale engineering construction projects profoundly influence their success.Strengthening cost control and establishing a scientific financial evaluation system can enhance the project’s economic benefits,minimize unnecessary costs,and provide decision-makers with a robust financial foundation.Additionally,implementing an effective cash flow control mechanism and conducting a comprehensive assessment of potential project risks can ensure financial stability and mitigate the risk of fund shortages.Developing a practical and feasible fundraising plan,along with stringent fund management practices,can prevent fund wastage and optimize fund utilization efficiency.These measures not only facilitate smooth project progression and improve project management efficiency but also enhance the project’s economic and social outcomes.展开更多
The economic management of colleges and universities has always been a topic of great concern to China’s educational career,therefore,this paper will firstly make the necessary analysis of the current implementation ...The economic management of colleges and universities has always been a topic of great concern to China’s educational career,therefore,this paper will firstly make the necessary analysis of the current implementation of the economic management of colleges and universities in China,and then the reasons for the problems of economic management of colleges and universities in China is realized a detailed investigation,and finally,the economic management of colleges and universities based on capital and cost management optimization strategy is made a full discussion,looking forward to providing the necessary guidance for researchers in this field.展开更多
Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous re...Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous research,we find that these partial imitation strategies lead to outperformance.Our‘Copycat Score’combines the propensity to imitate and to lead trades.Funds at the high and low ends of the score outperform all others.The Copycat Score is persistent in time,related to other measures of skill,and a good predictor of fund performance.We conclude that smart copycatting is another skill of successful fund managers.展开更多
The agricultural scientific research project funding is an important prerequisite for the implementation of agricultural scientific research project,and an essential basic condition to support agricultural research. I...The agricultural scientific research project funding is an important prerequisite for the implementation of agricultural scientific research project,and an essential basic condition to support agricultural research. In recent years,China has paid great attention to the development of scientific research,and increased the input of scientific research funds,but there are some shortcomings in funding management during the implementation of the project. Based on many years of practice,this paper expounds the main problems in the current funding management for agricultural scientific research project,and brings forward the relevant recommendations,in order to provide a reference for the scientific management of agricultural scientific research project funding in the new situation.展开更多
Monetary fund is the most fundamental element for enterprises to engage in production and lucrative business activities,which has an impact on the operation process and outcomes.Therefore,enterprises must regard fund ...Monetary fund is the most fundamental element for enterprises to engage in production and lucrative business activities,which has an impact on the operation process and outcomes.Therefore,enterprises must regard fund management as one of their key management links and establish an effective and practical internal control system.However,sensational cases such as the collapse of Barings Bank have exposed many problems existing in the internal control of monetary funds.Moreover,the high liquidity of funds itself engenders them as the target of embezzlement and self-interest,which will eventually threaten the company’s wealth.Therefore,it is significant to analyze the problems existing in the internal control of monetary funds and provide corresponding solutions to them.展开更多
Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems....Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.展开更多
A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the mos...A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the most important emerging country and the second largest economy in the world.The development of China's capital market is different from that of most developed countries.Therefore,empirical evidence on the performance of funds in developed countries often cannot be extended to the Chinese market.In addition,there is evidence that many successful fund managers in developed countries may not achieve good performance in China.Therefore,it is particularly meaningful to examine the determinants of fund performance in the Chinese market.This paper establishes a three-level framework model to study this connection.Considering return and risk,the two basic factors that affect fund performance,this paper chooses nine proxy variables:Sharpe ratio,Jensen index,Treynor index,abnormal return(α),total risk(β),non-systemic risk,standard deviation of return,stock choosing ability and time picking ability as the criteria to measure the comprehensive performance.This paper investigates China's open-end funds to fill the gap in literature on the relationship between fund managers'personal characteristics and fund performance in emerging capital markets.The results of this paper found that age,gender,fund manager years,number of funds under management,master's or doctor’s degree,MBA degree,business background and fund managers have better stock choosing ability,higher abnormal return and better overall performance has a significant positive relationship.The results of further decomposition indicate that the abnormal return is the main influencing factor of the fund's comprehensive performance;the abnormal return is also affected by the fund manager's ability of stock choosing and time picking.In addition,stock choosing ability is the main factor affecting abnormal return.Therefore,the education background of the fund manager’s personal characteristics will affect the abnormal return and ultimately affect the comprehensive performance of the fund.This paper also finds that gender and majors affect fund managers'risk control behavior.The research results in this paper have great practical significance.Firstly,it introduces a framework that can explain how the individual characteristics of fund managers affect the performance mechanism of funds.Secondly,the findings in China's stock market supplement the empirical evidence in the mature markets of developed countries.Since China is already the largest emerging economy in the world,the results of this study are of great significance not only to Chinese researchers,but also to international scholars who want to study China's capital market.Thirdly,the empirical study is of great practical significance to test the ability of fund managers to divide abnormal earnings into stock choosing ability and time picking ability.展开更多
Based on an analysis of China ＇s current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts...Based on an analysis of China ＇s current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts have been made, there are still serious institutional and capital market risks that are difficult to overcome but are key in the success of China＇s pension reform. To ensure a smooth transition in pension reform, China not only needs to build a better institutional framework and facilitate capital market development, but also raise the risk awareness of individual pensioners.展开更多
An influx of small investors eager to earn money puts heavy pressure on fund managers Fund managers control millions in capital and call the shots in the stock market. They can make a fortune from a single judgment. T...An influx of small investors eager to earn money puts heavy pressure on fund managers Fund managers control millions in capital and call the shots in the stock market. They can make a fortune from a single judgment. The debut of fund management展开更多
文摘This article discusses a multiple hierarchy decision analysis in which the Analytic Hierarchy Process and Delphi method were combined with practice of funds management so as to obtain a scientific management system. The design procedures and a practical example have been given to verify the feasibility. The work was supported by China National Natural Science Foundation (NNSF), and the introduced procedures have been used in some departments of the NNSF.
文摘Enterprise groups are characterized by multiple levels of enterprises with large scales of assets and complex business models.In the process of administration and management of funds,there are often some problems,such as unreasonable internal funds allocation,high financing costs,and flawed funds control.Centralized fund management is a tool for the overall allocation of intra-group fiinds and the coordinated management of group investment and financing.It can optimize the resource allocation of enterprise groups and reduce financing costs as well as capital risks.By selecting centralized fund management,establishing control and early warning system,as well as building information system and other steps,enterprise groups can better implement centralized fund management and improve their capital control.
文摘The financial aspects of large-scale engineering construction projects profoundly influence their success.Strengthening cost control and establishing a scientific financial evaluation system can enhance the project’s economic benefits,minimize unnecessary costs,and provide decision-makers with a robust financial foundation.Additionally,implementing an effective cash flow control mechanism and conducting a comprehensive assessment of potential project risks can ensure financial stability and mitigate the risk of fund shortages.Developing a practical and feasible fundraising plan,along with stringent fund management practices,can prevent fund wastage and optimize fund utilization efficiency.These measures not only facilitate smooth project progression and improve project management efficiency but also enhance the project’s economic and social outcomes.
文摘The economic management of colleges and universities has always been a topic of great concern to China’s educational career,therefore,this paper will firstly make the necessary analysis of the current implementation of the economic management of colleges and universities in China,and then the reasons for the problems of economic management of colleges and universities in China is realized a detailed investigation,and finally,the economic management of colleges and universities based on capital and cost management optimization strategy is made a full discussion,looking forward to providing the necessary guidance for researchers in this field.
文摘Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous research,we find that these partial imitation strategies lead to outperformance.Our‘Copycat Score’combines the propensity to imitate and to lead trades.Funds at the high and low ends of the score outperform all others.The Copycat Score is persistent in time,related to other measures of skill,and a good predictor of fund performance.We conclude that smart copycatting is another skill of successful fund managers.
文摘The agricultural scientific research project funding is an important prerequisite for the implementation of agricultural scientific research project,and an essential basic condition to support agricultural research. In recent years,China has paid great attention to the development of scientific research,and increased the input of scientific research funds,but there are some shortcomings in funding management during the implementation of the project. Based on many years of practice,this paper expounds the main problems in the current funding management for agricultural scientific research project,and brings forward the relevant recommendations,in order to provide a reference for the scientific management of agricultural scientific research project funding in the new situation.
文摘Monetary fund is the most fundamental element for enterprises to engage in production and lucrative business activities,which has an impact on the operation process and outcomes.Therefore,enterprises must regard fund management as one of their key management links and establish an effective and practical internal control system.However,sensational cases such as the collapse of Barings Bank have exposed many problems existing in the internal control of monetary funds.Moreover,the high liquidity of funds itself engenders them as the target of embezzlement and self-interest,which will eventually threaten the company’s wealth.Therefore,it is significant to analyze the problems existing in the internal control of monetary funds and provide corresponding solutions to them.
基金Supported by the Philosophy Social Science Fund Project of Heilongjiang Province (10D061)
文摘Since 2009, the new rural pension insurance in Heilongjiang Province has obtained certain achievements, but the effects are not obvious. Reflection on the development process, we find that there are a lot of problems. Therefore, in order to guarantee the smooth implementation of new rural social pension insurance work in Heilongjiang Province, this paper combined with the reality to provide several suggestions for improving the new rural social pension insurance system in Heilongjiang Province.
文摘A great deal of research found that fund performance is related to a series of personal characteristics of fund managers,but how these personal characteristics affect fund performance is still unknown.China is the most important emerging country and the second largest economy in the world.The development of China's capital market is different from that of most developed countries.Therefore,empirical evidence on the performance of funds in developed countries often cannot be extended to the Chinese market.In addition,there is evidence that many successful fund managers in developed countries may not achieve good performance in China.Therefore,it is particularly meaningful to examine the determinants of fund performance in the Chinese market.This paper establishes a three-level framework model to study this connection.Considering return and risk,the two basic factors that affect fund performance,this paper chooses nine proxy variables:Sharpe ratio,Jensen index,Treynor index,abnormal return(α),total risk(β),non-systemic risk,standard deviation of return,stock choosing ability and time picking ability as the criteria to measure the comprehensive performance.This paper investigates China's open-end funds to fill the gap in literature on the relationship between fund managers'personal characteristics and fund performance in emerging capital markets.The results of this paper found that age,gender,fund manager years,number of funds under management,master's or doctor’s degree,MBA degree,business background and fund managers have better stock choosing ability,higher abnormal return and better overall performance has a significant positive relationship.The results of further decomposition indicate that the abnormal return is the main influencing factor of the fund's comprehensive performance;the abnormal return is also affected by the fund manager's ability of stock choosing and time picking.In addition,stock choosing ability is the main factor affecting abnormal return.Therefore,the education background of the fund manager’s personal characteristics will affect the abnormal return and ultimately affect the comprehensive performance of the fund.This paper also finds that gender and majors affect fund managers'risk control behavior.The research results in this paper have great practical significance.Firstly,it introduces a framework that can explain how the individual characteristics of fund managers affect the performance mechanism of funds.Secondly,the findings in China's stock market supplement the empirical evidence in the mature markets of developed countries.Since China is already the largest emerging economy in the world,the results of this study are of great significance not only to Chinese researchers,but also to international scholars who want to study China's capital market.Thirdly,the empirical study is of great practical significance to test the ability of fund managers to divide abnormal earnings into stock choosing ability and time picking ability.
文摘Based on an analysis of China ＇s current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts have been made, there are still serious institutional and capital market risks that are difficult to overcome but are key in the success of China＇s pension reform. To ensure a smooth transition in pension reform, China not only needs to build a better institutional framework and facilitate capital market development, but also raise the risk awareness of individual pensioners.
文摘An influx of small investors eager to earn money puts heavy pressure on fund managers Fund managers control millions in capital and call the shots in the stock market. They can make a fortune from a single judgment. The debut of fund management
